Areas We Serve
VA home loans have more flexible requirements, meaning that borrowers that might traditionally be considered less than ideal have an opportunity to not only qualify for a VA home loan in Tennessee, but receive more favorable loan terms.
Learn more about the advantages and how to apply for a VA mortgage in Tennessee with Griffin Funding.
There are many reasons to buy a home in Tennessee, especially due to the low cost of living. However, even with lower housing costs than many other states, it can still be difficult to save up to buy a home. Fortunately, we provide Tennessee VA loans in the following areas:
- Johnson City
If you live or are looking for a home outside these areas (for instance, somewhere near Arnold Air Force Base), speak to one of our loan specialists today to see if we can provide loans in your city.
Call (855) 651-2871 for VA loan assistance.
How Do VA Loans Work in Tennessee
Generally, VA home loans work the same in every state, but it’s important to understand the requirements, benefits, and loan limits before you apply for a VA mortgage in Tennessee.
VA Loan Advantages in Tennessee
VA mortgages are meant to be a benefit for veterans in appreciation of their service, so there are a many advantages of VA home loans, including:
- 0% down
- Low interest rates
- No PMI
- FICO score as low as 580 accepted
- Reduced seasoning for recent credit events (foreclosure, bankruptcy, etc.)
- Allowed to be transferred to another qualifying borrower
- 0% funding fees for those with VA disabilities and service-related injuries
- Can be used repeatedly (as long as you are within the guidelines)
In addition to these benefits, working with Griffin Funding means that the mortgage process will be as smooth as possible—and it typically takes only 30 days or less.
VA Home Loan Requirements in Tennessee
In order to qualify for a VA home loan in Tennessee, you must meet two sets of requirements. First, you must be eligible for the benefit through the VA. Here are some factors that affect eligibility:
- Active duty service requirements
- Discharge due to hardship, early out, medical condition, or some other approved reason
- Must not have been dishonorably discharged
Note that if you’re a surviving spouse of a military member, you may be eligible if they passed away in the line of duty or due to a service-related injury.
You must also meet your mortgage lender’s VA home loan requirements. For Griffin Funding, these requirements are as follows:
- Obtain Certificate of Eligibility (we can help you apply for this through the online portal)
- Have a 580 FICO score or higher
- Meet income qualification (not required for VA IRRRL)
- Complete a VA appraisal and pest inspection (not required for VA IRRRL)
VA Loan Limits in Tennessee
VA loan limits are commonly misunderstood. The VA does not limit how much you can borrow; instead, there is a maximum amount you can borrow without making a down payment. However, there are some important clarifications to make regarding VA loan limits:
- If you still have your full VA entitlement, loan limits do not apply to you.
- If you have not restored your full VA entitlement, you must follow the loan limits if you want to take advantage of the 0% down payment.
- If the home you want to purchase is over the limit, you will need to put money down.
- VA loan limits are based on the cost of homes in a specific county. For higher-priced home markets, the loan limits will typically be higher.
To look up the specific VA loan limits in the Tennessee county you’re considering buying a home in, use the 2020 list of VA loan limits. The highest VA loan limit in Tennessee as of 2020 is 563,500.
Types of VA Mortgage Programs
At Griffin Funding, we offer several types of VA mortgage programs, depending on your home loan needs:
- VA Purchase Loan: For those who are looking to build, purchase, or renovate their primary residence, a VA purchase loan is the home loan product you need.
- VA Streamline Refinance Loan (IRRRL): For those who are looking to refinance their VA home loan for better terms, a VA streamline refinance, also known as an interest rate reduction loan, can provide a lower interest rate and monthly payment. Note that only VA loans are eligible for an IRRRL.
- VA Cash-Out Loan: For those looking to refinance a VA home loan or traditional home loan and want to turn the equity in their home into cash, a VA cash-out loan is the program for you. With a VA cash-out refinance loan, you can get the cash you need to pay for emergency expenses, fund retirement, and more.
Get more info on Griffin Funding and how we can help you make your dream of renovating or owning your home a reality with a VA mortgage in Tennessee.
Apply for a VA Mortgage in Tennessee Today
If you’re ready to purchase or refinance your home, find out if you can qualify for a VA mortgage in Tennessee and take full advantage of your military benefits. At Griffin Funding, we are proud to work with service members and find a home loan option that suits their needs. Request a quote online or call us at (855) 651-2871 so one of our loan officers can help you through the application process. Our team is here to make applying for a VA loan in Tennessee as stress-free as possible.